Announcement Announcement Module
No announcement yet.
More oil industry pain: Halliburton slashes 9,000 jobs Page Title Module
Move Remove Collapse
Conversation Detail Module
  • Filter
  • Time
  • Show
Clear All
new posts

  • More oil industry pain: Halliburton slashes 9,000 jobs

    Lower crude prices are great for consumers, but disastrous for oil industry workers.

    Halliburton (HAL) employees are the latest to feel the pain. The company said Monday that it has cut 9,000 jobs over the past two quarters as crashing energy prices have forced it to scale back drilling operations.

    The Houston-based oil field services firm said the job cuts represent more than 10% of its workforce. The company had previously estimated that falling prices would necessitate reducing its global workforce by up to 8%.

    Oil prices have plummeted by about half from $107 a barrel last June, spurring cuts across the industry. Halliburton described the decline in North American drilling activity as "unprecedented."